Hacker Gets $50 Million in Heist of DeFi’s Mango

The community of decentralized-finance application Mango DAO on Saturday got back a portion of about $100 million stolen this week after letting the hacker keep about $50 million of the funds.

The settlement wraps up several days of tense negotiations between the hacker and Mango, which is governed by its community of token holders who vote on any changes. Soon after the theft, the hacker posted a proposal in the app’s governance forum asking for bad debts on the platform to be erased – a deal that was not approved by the majority of Mango token holders even after the hacker voted for it with some of the stolen tokens.

The Mango team then posted a counter proposal, offering to let the hacker keep around $50 million for the return of the rest of the funds while promising no criminal prosecution and to erase the bad debt.

Source: Hacker Gets $50 Million in Heist of DeFi’s Mango